World: French wheat fell on Thursday

Published Nov 29, 2024

Tridge summary

On November 28, 2024, US markets were closed for Thanksgiving, while the European Commission adjusted its EU cereal production forecasts, reducing the soft wheat estimate to a 12-year low of 112.3 million tonnes for 2024/25 and increasing the maize forecast to 59.6 million tonnes. Wheat futures in Paris declined due to a stronger euro and competition from the Black Sea region, where Tunisia and Algeria's recent tenders favored competitively priced Russian wheat. The depreciation of the ruble is advantageous for Russian exporters.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

US markets were closed on Thursday, 28 November 2024, for the Thanksgiving holiday. The European Commission on Thursday cut its estimate for the EU's main wheat crop to a 12-year low, but raised its forecast for the current EU corn crop. The Commission cut its estimate for usable soft wheat production in the EU in 2024/25 to 112.3 million tonnes from 112.6 million tonnes a month earlier. This is 10% below the previous harvest and the lowest since 2012/13. The EU harvest was the smallest in France since the 1980s. The lower harvest estimate and a slight increase in the forecast for wheat use in livestock feed led the Commission to cut its forecast for soft wheat stocks at the end of 2024/25 to 9.8 million tonnes from 10.4 million tonnes a month earlier. The EU soft wheat export forecast was left unchanged at 25.0 million tonnes, compared with 35.3 million tonnes in 2023/24. The Commission raised its forecast for EU maize production to 59.6 million tonnes from 58.0 million tonnes in ...

Source: Zol